The Chinese government has changed its position on mining. How will the Bitcoin price react?

The Chinese government has changed its position on mining. How will the Bitcoin price react?

Regulators
November 6, 2019 by cryptorolling.com
398
The government has excluded the mining of cryptocurrency from the list of unwelcome activities.
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The National Development and Reform Commission of China (NDRC) has presented a new list of industries recommended for development, limitation or suppression. It excluded mining, which had previously been considered an unwelcome activity, as it ” slowed down the further development of the country.”

In April, the agency proposed to ban mining, and if the proposal was approved, any activities related to the production of digital money in the country would be immediately stopped. China is the largest mining market, with companies such as Bitmain, Canaan and Ebang operating there.

The final version of the NDRC list is a positive step for the digital money industry. Bitcoin’s value has been growing slowly in the last 24 hours, with the first cryptocurrency currently traded at $9393. Over the past 24 hours it has gone up by 0.73%. At the same time trading volumes decreased by 7% and now make $26 bln.

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